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Dec 17, 2012
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unlike the rest of the fiscal cliff, which affects tax rates that will apply next year compaq -- next year, patch applies to the rates to all seek early next year. if there is not congressional action, then we will all see an abrupt increase in tax on the 2012 taxable year. in 2011, approximately 4 million people paid the amt. if there is not a patch, 30 million people will be required to pay the amt in 2012, for the current taxable year. and it will pay an additional $1 billion in taxes. very few of them have any idea this is on the table host: is the irs prepared? guest: the irs took a fairly unusual, but i think, correct, opposition. they took the position that congress will do the responsible thing. they did their tax programming next -- for next year, for the 2012 return, assuming that congress would enact a package before the end of the year. i think that was the reasonable thing to do. i believe they will do that. however, it does mean that if there is not a patch, the tax return filing season will be quite the opposite. >> and a quick reminder that for all things related to th
unlike the rest of the fiscal cliff, which affects tax rates that will apply next year compaq -- next year, patch applies to the rates to all seek early next year. if there is not congressional action, then we will all see an abrupt increase in tax on the 2012 taxable year. in 2011, approximately 4 million people paid the amt. if there is not a patch, 30 million people will be required to pay the amt in 2012, for the current taxable year. and it will pay an additional $1 billion in taxes. very...
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Apr 28, 2012
04/12
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faces a fiscal cliff and unless the president backs -- acts, it will not stop. >> good afternoon. before we get to questions, i will summarize's today policy action and then i will place the committee's policy decision in the context of our economic outlook. the committee is maintaining the highly accommodative policies that we initiated at previous meetings. we decided to keep the target range. our program to extend the average maturity of the security holdings announced in september will continue as scheduled. each of these policy actions is intended to paul -- foster conditions that support the economic recovery in the context of price stability. in conjunction with today's meetings, the five board members of the 12 fed president submitted their economic projections and policy assessment for the years 2012 through 2014 and over the long run. these projections serve as important inputs into the committee's deliberations. and coming information suggests that the economy has been expanding moderately. both participants think it will remain moderate and then to pick up gradually. a
faces a fiscal cliff and unless the president backs -- acts, it will not stop. >> good afternoon. before we get to questions, i will summarize's today policy action and then i will place the committee's policy decision in the context of our economic outlook. the committee is maintaining the highly accommodative policies that we initiated at previous meetings. we decided to keep the target range. our program to extend the average maturity of the security holdings announced in september...
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Sep 16, 2012
09/12
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it will be low because we will be dynamically and fiscally healthy. there is the real fiscal cliff. what we have done is we have taken the focus and say, here is the short-term again. the real problems are all long term. their manifestations come in the short term. they will be much greater two years from now if we do not fix it. if we do not send the signal that we are going to take care of the long-term problems, we can fix the fiscal cliff. it will not matter one year from now. the bond vigilante's will have already driven down the price of our bonds and our interest rates will be 6%. it is a perfect political strategy to take our eye off what the real ball is. social security is not hard to fix. medicare is very difficult to fix. it can be fixed. the health-care decision is a whole other discussion. you could have a five ripon breakfasts and not cover it. i want to remind you, that is all short-term thinking. that is all 17, 18 months or less thinking. we need to be thinking three, four, five years and fix those. the short-term will take care of itself. if you think there is any
it will be low because we will be dynamically and fiscally healthy. there is the real fiscal cliff. what we have done is we have taken the focus and say, here is the short-term again. the real problems are all long term. their manifestations come in the short term. they will be much greater two years from now if we do not fix it. if we do not send the signal that we are going to take care of the long-term problems, we can fix the fiscal cliff. it will not matter one year from now. the bond...
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Nov 10, 2012
11/12
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it is critical to averting the so-called fiscal cliff -- automatic spending cuts and tax rate increases. despite the risks we should let our nation's economy go off part of the fiscal cliff by allowing the top two rates to rise. they believe that doing that would generate more revenue for the federal government. raising those rates on january 1 would destroy 700,000 american jobs. many of those hit by those tax increases are small business owners, the people who are the key to job creation. i used to be one. i offer congratulations to president obama. i offered in a tentative to sending our economy over the fiscal cliff. instead of raising taxes, let us actually solve the problem. let us focus on tax reform that close a special interest loopholes and lower tax rates instead of accepting our but if -- arbitratry tax rate. s. 2013 should be the year to begin to solve our debt through tax reform and entitlement reforms. together we should avert the fiscal cliff in a way that ensures 2013 is that year. close and special interest loopholes to end deductions and moving to a bare, cleaner and
it is critical to averting the so-called fiscal cliff -- automatic spending cuts and tax rate increases. despite the risks we should let our nation's economy go off part of the fiscal cliff by allowing the top two rates to rise. they believe that doing that would generate more revenue for the federal government. raising those rates on january 1 would destroy 700,000 american jobs. many of those hit by those tax increases are small business owners, the people who are the key to job creation. i...
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Dec 16, 2012
12/12
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the clock is ticking, and we're not that far from december 31, the fiscal cliff. i think it is important that we kind of take a step back and remember what the fiscal cliff is all about. it is when the tax rate -- across the board, our current tax code expires. if congress does not take action, it would be a $3.5 trillion tax increase oned american people. it would impact nearly everyone. it would cost us two million jobs, a double-dip recession, and in addition to that, we also have see quest racial -- sequestration, which is looming. the across-the-board cuts would be a million jobs lost in the defense industry. there is a lot on our plate right now, and i think -- yes? >> do you think any progress has been made out of those meetings? i think the speaker and the president have tried to have a frank discussion but did not disclose any tangible progress made. do you have any reason to believe there has been proog -- progress? >> i haven't heard the details. in what the speaker has told me, he has been disappointed that the president seems to be heading in the oppo
the clock is ticking, and we're not that far from december 31, the fiscal cliff. i think it is important that we kind of take a step back and remember what the fiscal cliff is all about. it is when the tax rate -- across the board, our current tax code expires. if congress does not take action, it would be a $3.5 trillion tax increase oned american people. it would impact nearly everyone. it would cost us two million jobs, a double-dip recession, and in addition to that, we also have see quest...
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Dec 8, 2012
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when you hear about the fiscal cliff, it is not really the tax rate. i do not buy that at all. i do not think we need to increase these tax rates. >> if you go over and the tax rates go up on everyone and all that goes away -- >> i do not think we should do it. i think we should resolve this. it depends on if we do something about it in the next month or two after that. if we do something in 30 days or 90 days and we are clear about that, but nothing people believe we are going to do something until we do it. >> the to go to the broader concern. does the top rate have to end the 39.6% the way it was under bill clinton? could be democrats accept something between if it was coupled with a reduction in the ability on the top 2% to except a reduction of deductions? >> i do not want to second-guess what we might decide. i do not think that is what we should debate the right now. multimillionaires and what deductions they can take is something different. this is where we are. >> that is in addition to. >> yes, in addition to. the problem with having that debate now suggests that that
when you hear about the fiscal cliff, it is not really the tax rate. i do not buy that at all. i do not think we need to increase these tax rates. >> if you go over and the tax rates go up on everyone and all that goes away -- >> i do not think we should do it. i think we should resolve this. it depends on if we do something about it in the next month or two after that. if we do something in 30 days or 90 days and we are clear about that, but nothing people believe we are going to...
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Aug 22, 2012
08/12
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warn act notices are part of the fiscal cliff. they may be more visible before the election. we talked about the expiration of the taxuts. there's a series of this. it is not just the top rates. it is al the 10% bracket. if the tax cuts expire, every single one of you like -- will pay more taxes. it does not mean just those at the top of the income. we currently have the payroll tax holiday and extra unemployment benefits, 2% holiday we have had for two years running. that expires at the end of the year. the amt, the alternative mimum tax. i will talk about that. that does not expire on december 31. that is already expired and i will talk to you a bit about what that means to you and to the public but that is another element of the fiscal cliff. we have something called the docca fix -- doc fix. the department of hhs determines the amount to pay for doctors. there is a law that says as of january 1, the amount paid for doctors and other providers will drop by 30% on january 1. we know these are going to happen. they are in long now. they cannot be changed unless there is fund
warn act notices are part of the fiscal cliff. they may be more visible before the election. we talked about the expiration of the taxuts. there's a series of this. it is not just the top rates. it is al the 10% bracket. if the tax cuts expire, every single one of you like -- will pay more taxes. it does not mean just those at the top of the income. we currently have the payroll tax holiday and extra unemployment benefits, 2% holiday we have had for two years running. that expires at the end of...
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Nov 11, 2012
11/12
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cliff come from increasing tax rates. according to ernst and young, raising the top rates would destroy nearly 700,000 jobs in our country. the members of our majority understand how important it is to avert the fiscal cliff. that is why the house took action earlier this year, to replace the sequester with other types of cuts, and is also why of the summer we passed a bill to extend all of the current tax rates. for one year so we had time to overhaul our tax code. and that is why i outlined the responsible path forward, where we can replace the spending cuts and extend the current rates, paving the way for entitlement reform, as well as tax reform with lower rates. at 2013 should be the year that we begin to solve our debt through tax reform and entitlement reform. i am proposing that we avert the fiscal cliff together in a manner that ensures that 2013 is finally the year that our government comes to grips with the major problems that are facing us. we will bring jobs home that result in a stronger, healthier economy,
cliff come from increasing tax rates. according to ernst and young, raising the top rates would destroy nearly 700,000 jobs in our country. the members of our majority understand how important it is to avert the fiscal cliff. that is why the house took action earlier this year, to replace the sequester with other types of cuts, and is also why of the summer we passed a bill to extend all of the current tax rates. for one year so we had time to overhaul our tax code. and that is why i outlined...
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Dec 5, 2012
12/12
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they also spoke about the fiscal cliff today. the president said republicans might be willing to agree to higher tax rates on the wealthy in january. then the house speaker called on the obama administration to respond to the republicans' deficit reduction proposal that was released earlier this week. president obama is at 9:00 eastern and then speaker boehner. at the museum today, florida senator marco rubio sat down with michaelen of "politico." he answered questions about the fiscal cliff. republican outreach to hispanic voters and a potential campaign for president. this is 45 minutes. [applause] >> thank you very much. you had a late night. >> not really. >> is bob still here? what would you like to ask senator rubio? [laughter] >> are you still doing this? >> ask him a real question. this is a great chance. >> last night you talked about a new direction for the republican party. and one of the things that you talked about is education. and how to make higher education cheaper, how to reform pell grants. what will be the num
they also spoke about the fiscal cliff today. the president said republicans might be willing to agree to higher tax rates on the wealthy in january. then the house speaker called on the obama administration to respond to the republicans' deficit reduction proposal that was released earlier this week. president obama is at 9:00 eastern and then speaker boehner. at the museum today, florida senator marco rubio sat down with michaelen of "politico." he answered questions about the...
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Dec 21, 2012
12/12
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the house is already passed bills addressing the fiscal cliff. we pasted a bill replacing the president's sequester with responsible spending cuts and did it last may. we passed a bill to stop all the tax hikes that are scheduled to take effect on january 1 and we did that on august 1. we proposed plans over and over again that democrats used to support but now they won't. we don't want taxes to go up. republicans don't want taxes to go up. we only run the house and democrats runawayaway. what the president has propose sod far won't do anything to solve our spending problem. he wants more spending and more tax hikes that will hurt our economy. he simply won't deal honestly with entitlement reform and the big issues facing our country. we need significant spending cuts and real tax reform to address our long-term debt problem and pave the way for long-term growth and real growth and jobs in our country. we'll continue to work with our colleagues in the house and that senate on a plan that protects families and small businesses from the fiscal clif
the house is already passed bills addressing the fiscal cliff. we pasted a bill replacing the president's sequester with responsible spending cuts and did it last may. we passed a bill to stop all the tax hikes that are scheduled to take effect on january 1 and we did that on august 1. we proposed plans over and over again that democrats used to support but now they won't. we don't want taxes to go up. republicans don't want taxes to go up. we only run the house and democrats runawayaway. what...
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Dec 4, 2012
12/12
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that's the first part of the fiscal cliff. the second part of it is the spending decrease that this congress and the president agreed to the last summer to say we dramatically increase spending, we have to reduce that spending. that spending decrease that was agreed to had a deadline by the end of this year. if there didn't there would be across the board cuts. the house passed our spending decreases in may. the senate has yet to pass any. with that we're stuck with across-the-board cuts that will be in early january. and the tax rate for all americans. in 2001 and 2003 and then extended during the lame duck of 2010, every americans' tax rates were extended out to expire the 31st of december. every tax rate from the lowest to the highest is set to go up. some people see the problem is we're not taxing enough and so that solves the problem. to just go off the fiscal cliff and everyone will be taxed more. some say we don't take from some group and give to the other. some say go to the clinton tax rate. we had a booming economy a
that's the first part of the fiscal cliff. the second part of it is the spending decrease that this congress and the president agreed to the last summer to say we dramatically increase spending, we have to reduce that spending. that spending decrease that was agreed to had a deadline by the end of this year. if there didn't there would be across the board cuts. the house passed our spending decreases in may. the senate has yet to pass any. with that we're stuck with across-the-board cuts that...
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Nov 11, 2012
11/12
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it's also critical to averting the so-called fiscal cliff, a combination of automatic spending cuts and tax rate increases that's just weeks away from taking effect. some have said that despite the risks, we should let our nation's economy go off part of the fiscal cliff in january, by allowing the top two rates to rise. they believe that doing that will generate more revenue for the federal government. but here's the problem with that. raising those rates on january 1 would, according to the independent firm ernst & young, destroy 700,000 american jobs. that's because many of those hit by this tax increase are small business owners -- the very people who are the key to job creation in america. i used to be one of them. this week, i offered congratulations to president obama -- along with an alternative to sending our economy over any part of the fiscal cliff. instead of raising tax rates on the american people and accepting the damage it will do to our economy, let's start to actually solve the problem. let's focus on tax reform that closes special interest loopholes and lowers tax rat
it's also critical to averting the so-called fiscal cliff, a combination of automatic spending cuts and tax rate increases that's just weeks away from taking effect. some have said that despite the risks, we should let our nation's economy go off part of the fiscal cliff in january, by allowing the top two rates to rise. they believe that doing that will generate more revenue for the federal government. but here's the problem with that. raising those rates on january 1 would, according to the...
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Dec 4, 2012
12/12
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i think that fiscal cliff is just a big red herring. your district has the shortest life span in the country for women. the infant mortalithighest infay rate in the country. we follow mississippi. i think that is where you are leading the country. if the people of the united states want to see where you and the republican party -- come and look at your district. guest: i would be delighted to have people come and look at my district and then it is 14,000 farms and ranches with two military installations. 5 colleges and universities. 11 indian tribes. the best college football team in america. it is a very special place. i would argue with your statistics. i just won reelection with 68% of the vote. having said all that, the idea that the paul ryan budget is about getting rid of social programs is ntot so. it is about saving them. these programs are going bankrupt. all are going to have to be reformed. if the president gets every tax increase he is asking for, let's just assume that he did, it would not come close to solving the budgetar
i think that fiscal cliff is just a big red herring. your district has the shortest life span in the country for women. the infant mortalithighest infay rate in the country. we follow mississippi. i think that is where you are leading the country. if the people of the united states want to see where you and the republican party -- come and look at your district. guest: i would be delighted to have people come and look at my district and then it is 14,000 farms and ranches with two military...
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Dec 7, 2012
12/12
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cliff expire, go down the fiscal cliff for tax rates, and adjust the taxes for the 98% through the rebate process. and this could be available for anyone, any president. let the bush tax rates apply as a ceiling, and then apply the rebate process to control the 98%. host: why do you propose that? what is the advantage in your view? caller: because the executive branch, the president, whoever it is, would have the ability to adjust the tax effectively for anyone who falls below the clintons' ceiling, and they could do this anytime. they would not have to go back to congress. guest: it is true that technically the administration can do some things without even the congress's approval, but it would not be a lasting solution. let's say you could freeze the amount of withholding that you pay at the level it was this year, for the 98%, and increase withholdings for everyone else as the law would dictate if you went over the cliff. but the 98%, if they did not actually pass a law to extend the tax cuts for that portion of the population, we would end up having to pay a huge check in 2014 because
cliff expire, go down the fiscal cliff for tax rates, and adjust the taxes for the 98% through the rebate process. and this could be available for anyone, any president. let the bush tax rates apply as a ceiling, and then apply the rebate process to control the 98%. host: why do you propose that? what is the advantage in your view? caller: because the executive branch, the president, whoever it is, would have the ability to adjust the tax effectively for anyone who falls below the clintons'...
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Nov 9, 2012
11/12
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john boehner says any deal to avert the so-called fiscal cliff should include lower tax rates, eliminating the special interest the polls, and revising the tax code. boehner said also in this store that he had a brief conversation with the president earlier this week, as the chief executive and congressional leaders negotiate a way to avoid the fiscal cliff, and as we heard from the president, he has invited the congressional leaders to the white house next week to get to work on this. will in albuquerque, go ahead. caller: i like what the president spoke about, but i got to get this off my head. boehner, what are you doing? c'mon, man. work with the president. you always want to say you are working with the present, but you are just spinning the wheels as a republican, and i honestly i did not understand that. we own a small business in albuquerque, and his thing about this to and $50,000 a year type thing, spending and losing jobs it for business is ridiculous, and i personally believe that if boehner does not get off his butt and start working with the democrats, he is making himself lo
john boehner says any deal to avert the so-called fiscal cliff should include lower tax rates, eliminating the special interest the polls, and revising the tax code. boehner said also in this store that he had a brief conversation with the president earlier this week, as the chief executive and congressional leaders negotiate a way to avoid the fiscal cliff, and as we heard from the president, he has invited the congressional leaders to the white house next week to get to work on this. will in...
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Nov 10, 2012
11/12
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it's also critical to averting the so-called fiscal cliff, a combination of automatic spending cuts and tax rate increases that's just weeks away from taking effect. some have said that despite the risks, we should let our nation's economy go off part of the fiscal cliff in january, by allowing the top two rates to rise. they believe that doing that will generate more revenue for the federal government. but here's the problem with that. raising those rates on january 1 would, according to the independent firm ernst & young, destroy 700,000 american jobs. that's because many of those hit by this tax increase are small business owners -- the very people who are the key to job creation in america. i used to be one of them. this week, i offered congratulations to president obama -- along with an alternative to sending our economy over any part of the fiscal cliff. instead of raising tax rates on the american people and accepting the damage it will do to our economy, let's start to actually solve the problem. let's focus on tax reform that closes special interest loopholes and lowers tax rat
it's also critical to averting the so-called fiscal cliff, a combination of automatic spending cuts and tax rate increases that's just weeks away from taking effect. some have said that despite the risks, we should let our nation's economy go off part of the fiscal cliff in january, by allowing the top two rates to rise. they believe that doing that will generate more revenue for the federal government. but here's the problem with that. raising those rates on january 1 would, according to the...
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Dec 6, 2012
12/12
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cliff expire, go down the fiscal cliff for tax rates, and adjust the taxes for the 98% through the rebate process. and this could be available for anyone, any president. let the bush tax rates apply as a ceiling, and then apply the rebate process to control the 98%. host: why do you propose that? what is the advantage in your view? caller: because the executive branch, the president, whoever it is, would have the ability to adjust the tax effectively for anyone who falls below the clintons' ceiling, and they could do this anytime. there would not have to go back to congress. -- they would not have to go back to congress. guest: it is true that technically the administration can do some things without even the congress's approval, but it would not be a lasting solution. let's say you could freeze the amount of withholding that you pay three paycheck at the level it was this year, for the 98%, and increase withholdings for everyone else as the law would dictate if you read over the cliff. -- went over the cliff. but the 98%, if they did not actually pass a law to extend the tax cuts for tha
cliff expire, go down the fiscal cliff for tax rates, and adjust the taxes for the 98% through the rebate process. and this could be available for anyone, any president. let the bush tax rates apply as a ceiling, and then apply the rebate process to control the 98%. host: why do you propose that? what is the advantage in your view? caller: because the executive branch, the president, whoever it is, would have the ability to adjust the tax effectively for anyone who falls below the clintons'...
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Nov 11, 2012
11/12
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. >> moving ahead to the fiscal cliff. john boehner has reiterated that the newly elected house republican majority is opposed to raising tax rates. they're willing to accept new revenue under certain conditions. what is your reaction to that? them have signed? -- could that violate the pledge that most of them assigned to? >> if we had a recovery the strength of reagan's recovery, there would be 10 million more americans at work today. if we take reagan's path of less spending and regulation, he has a million more americans at work today than obama does. i would rather have his recovery and all the revenue that flows from that. if you grew 4% a year instead of 2%. the difference between growing from 4% instead of 2% is $5 trillion in additional revenue to the federal government. nobody is talking but raising taxes $5 trillion. why not focus to reduce rates, have lower taxes, it to get more growth. you actually net more additional revenue. >> it seems like john boehner is now willing to get that revenue not just from the e
. >> moving ahead to the fiscal cliff. john boehner has reiterated that the newly elected house republican majority is opposed to raising tax rates. they're willing to accept new revenue under certain conditions. what is your reaction to that? them have signed? -- could that violate the pledge that most of them assigned to? >> if we had a recovery the strength of reagan's recovery, there would be 10 million more americans at work today. if we take reagan's path of less spending and...
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Nov 16, 2012
11/12
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the way an economist with think about it is, what does it mean to fall off the fiscal cliff? do we quickly work these problems out after the tax rate return to their higher levels, or does it mean we never go back to? that is an important consideration. what economics is pretty good at is calculating the cash flow consequences of different tax policies, different spending policies, how much money do families have to spend, how much money is the government putting into the economy for defense purposes? if it is a temporary fall off of the fiscal cliff, the cash flow consequences are not all that great. if families know it is temporary, they can smooth over those defects. what is more -- families can smooth over those effects. what is more worrying is the psychological effects of falling off of the cliff. it would mean that the government is not capable of solving problems is there to solve. that is not good for confidence. the uncertainty of not addressing these problems will have an effect on business behavior and on household behavior. in the short term, those can be conside
the way an economist with think about it is, what does it mean to fall off the fiscal cliff? do we quickly work these problems out after the tax rate return to their higher levels, or does it mean we never go back to? that is an important consideration. what economics is pretty good at is calculating the cash flow consequences of different tax policies, different spending policies, how much money do families have to spend, how much money is the government putting into the economy for defense...
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Nov 18, 2012
11/12
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so we believe in the best interest of the country and economy and avoiding the fiscal cliff and digging out of the holes more broadly, tax reform with that direction should be on the table. >> do you have any personal thoughts on tax rate increases for capital gains, a certain number? >> well, i don't think there is a desire to increase the capital gains tax. from my perspective we want to encourage investments. we want to reward that. one of the deductions that is very important is business interest deduction. if you didn't allow businesses to deduct interests, that happened to have a severe effect on the economy so businesses can capitalize and start and grow. have you to be careful how you do it at a time we need it the most. others have been sending messages to congress. do you have a sense of specifically what it would look like when the market it is finally get concerned about what is going on? with the attention to the media, you are seeing markets have a down day 6 of the last 7 days. i think that is the marketplace expressing anxiety about the uncertainty surrounding the fiscal
so we believe in the best interest of the country and economy and avoiding the fiscal cliff and digging out of the holes more broadly, tax reform with that direction should be on the table. >> do you have any personal thoughts on tax rate increases for capital gains, a certain number? >> well, i don't think there is a desire to increase the capital gains tax. from my perspective we want to encourage investments. we want to reward that. one of the deductions that is very important is...
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Dec 1, 2012
12/12
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fiscal cliff? guest: if we go off the cliff, the rate will go up to 39.6%. the low bracket will go away and the lowest tax bracket will be 15% if we go off the cliff. 15% to 39.6% if we go off the cliff. caller: what about the other rates? host: we have a question on twitter. guest: you don't pay taxes on losses. if you're making profits and a picture up over $250,000, that could result in a tax increase that kicks you over $250,000. caller: we need jobs in this country. i hear all this money being talked. the average worker -- i am lucky i get 30 hours. they're cutting down to 20 hours at wal-mart. i had a good manager. i notice a woman comes in. she says we can get anybody to work. you talk about the tax credits. most of us have no chance of getting anything like that. this is too low republicans and democrats. fascism and communism, it was always party first. that's what our country has come to. we have to come together as true conservatives and true democrats and come together. guest: one of th
fiscal cliff? guest: if we go off the cliff, the rate will go up to 39.6%. the low bracket will go away and the lowest tax bracket will be 15% if we go off the cliff. 15% to 39.6% if we go off the cliff. caller: what about the other rates? host: we have a question on twitter. guest: you don't pay taxes on losses. if you're making profits and a picture up over $250,000, that could result in a tax increase that kicks you over $250,000. caller: we need jobs in this country. i hear all this money...
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Dec 1, 2012
12/12
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i know the speaker as well as i do not want to see us go over the fiscal cliff, but feel very strongly we've got to get serious here. we don't want to increase tax rates. we're not going to increase tax rates. and we want to do something about the spending problem. and remember, the good will, the piece that is, i think, determinive here, the speaker's put new revenues on the table just after the election and said we get it. the president won his re- election. we won ours. we have to now come together. here is our proposal to the speaker -- to the president that we were unwilling to give a year and a half ago. >> they know they need to put revenant on the table, but will you come back and give them the entitlement cuts? >> we will take this as a serious matter. this is not a game. we are interested in trying to solve the problem for the american people so that we do not see taxes go up on anybody, so we can engage in reform, get the economy going again. we're not playing a game. that offer yesterday was not serious. thank you. >> next, nancy pelosi answers fiscal cliff questions. this
i know the speaker as well as i do not want to see us go over the fiscal cliff, but feel very strongly we've got to get serious here. we don't want to increase tax rates. we're not going to increase tax rates. and we want to do something about the spending problem. and remember, the good will, the piece that is, i think, determinive here, the speaker's put new revenues on the table just after the election and said we get it. the president won his re- election. we won ours. we have to now come...
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Nov 28, 2012
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the rest of the program will focus on the so-called fiscal cliff and income tax rates. we'll be joined by zachary goldfarb. "washington journal" is live on c-span today at 7:00 a.m. eastern. >> some of our live coverage coming up this politico on c-span 2. at 9:00 eastern on c-span 3, a discussion on lessons from the budget deal. the discussion includes tom foaly and former white house chief of staff, john sununu. witnesses include the president of amtrak and a representative of the united transportation union. >> on 16 or 17 bases in the united states, we have military-run schools. the average cost to educate a child in that school per year is $50,000. almost four times what the rest of public education costs. and the vast majority of our base we use public schools. we could take the money we're spending today and pay every public school system $14,000 per child and save billions of dollars per year, just on -- and with the same or better outcomes. >> this weekend, you can talk with oklahoma senator tom coburn about the fiscal cliff and the future of the republican par
the rest of the program will focus on the so-called fiscal cliff and income tax rates. we'll be joined by zachary goldfarb. "washington journal" is live on c-span today at 7:00 a.m. eastern. >> some of our live coverage coming up this politico on c-span 2. at 9:00 eastern on c-span 3, a discussion on lessons from the budget deal. the discussion includes tom foaly and former white house chief of staff, john sununu. witnesses include the president of amtrak and a representative of...
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Oct 9, 2012
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in the upcoming talks on the fiscal cliff, we should scrap this. the old style of tax reform is obsolete in a 2012 world. it does not fit the times because there are two new conditions that did not exist in 1986 but are staring us in the face today. first, a much larger and much more dangerous deficit and second, a dramatic increase been income and inequality. old-style tax reform could make both conditions worse. but don't dismiss the old framework lightly. credit for the 1986 reform law begone -- belongs to democrats like bill bradley and the senate. just as much as to president reagan. as a member of the house back then, not only voted for it, fight with the votes to make sure it passed. i was on the committee set up by dan rostenkowski to get it done. the approach but a good deal of sense at the time. then as now, the code was littered with agrees is loopholes that needed to be reform. recall the so-called passive loss schools that were in place but then. they allowed wealthy taxpayers to gain the system. someone could invest in a bowling alley
in the upcoming talks on the fiscal cliff, we should scrap this. the old style of tax reform is obsolete in a 2012 world. it does not fit the times because there are two new conditions that did not exist in 1986 but are staring us in the face today. first, a much larger and much more dangerous deficit and second, a dramatic increase been income and inequality. old-style tax reform could make both conditions worse. but don't dismiss the old framework lightly. credit for the 1986 reform law...
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Dec 30, 2012
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what happens if we go over the fiscal cliff or get the type of deal the president is looking for? what we're talking about the top individual income-tax rate rising from 35% to 39.6%, the same tax rate we have before 2001. we do not need to be up at the 75% level. i would not advocate the go there but i think that is not really where we are and it is not where we need to be. host: we have a treat, who -- we have a tweet. they write -- host: the payroll tax is to% of income. -- guest: the payroll tax is 2% of income. the benefits of the payroll tax are larger or more important probably for low and middle income working families than they are for higher income families. that is certainly true. you have to remember that the payroll tax was a temporary provision. it actually was enacted at the end of 2010 to replace another temporary provision which was even more targeted toward low and middle income working families. i do not think anybody would dispute that at some point it needs to expire. the question is whether that time is now or whether it to go on a little bit longer. >> his r
what happens if we go over the fiscal cliff or get the type of deal the president is looking for? what we're talking about the top individual income-tax rate rising from 35% to 39.6%, the same tax rate we have before 2001. we do not need to be up at the 75% level. i would not advocate the go there but i think that is not really where we are and it is not where we need to be. host: we have a treat, who -- we have a tweet. they write -- host: the payroll tax is to% of income. -- guest: the...
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Dec 8, 2012
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when you hear about the concern about the fiscal cliff, it is not the tax rates. i do not buy that. i do not think we need to increase the tax rates. >> if you go over and the tax rates go up, all of that goes away. >> we should not do it. we should resolve this. it depends on whether we then do something about it in the next month or two after it. we set ourselves on a path to do something within 30, 60, or 90 days and we are clear about that. people do not believe we will do it unless we do something. that is our worries. >> as part of that second stage, does the top rate have to end at 39.6? are there ways democrats can accept something in between bush and clinton if it was coupled with a reduction in the ability of people to take certain deductions or credits? would you see a top rate below 39.6 when the dust settles? >> i do not want to second-guess what we may decide. i think we should go to 39%. that is not what we should be debating. i do not think it is instead of >> it is in addition to. >> yes. having that debate now suggests that that is all we have to do. most people wh
when you hear about the concern about the fiscal cliff, it is not the tax rates. i do not buy that. i do not think we need to increase the tax rates. >> if you go over and the tax rates go up, all of that goes away. >> we should not do it. we should resolve this. it depends on whether we then do something about it in the next month or two after it. we set ourselves on a path to do something within 30, 60, or 90 days and we are clear about that. people do not believe we will do it...
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Nov 14, 2012
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clinton left office, we are going over the fiscal cliff? >> i do not see a realistic way to solve this without a recognition -- let's see the positive side. it is encouraging to see the leadership recognize that we are going to have to generate a modest amount of additional revenues from high income -- that is a good recognition. we are just at the beginning. we will get people -- we will see how it goes. i agree, this is going to be tough. i know the lack of clarity and resolution is going to be a burden and a source of uncertainty. this is something we will have to go through. we will govern this country better, find a better way to support things that improve the long-term growth prospects, we have to find a way to resolve the divide on this question about the long-term. -- long-term fiscal trajectory of the country. that is worth trying to do. >> as you said and the president said, we have to both raise taxes and restrain spending. the proposal so far on medicare has been largely limited to the provider side. is the president going to l
clinton left office, we are going over the fiscal cliff? >> i do not see a realistic way to solve this without a recognition -- let's see the positive side. it is encouraging to see the leadership recognize that we are going to have to generate a modest amount of additional revenues from high income -- that is a good recognition. we are just at the beginning. we will get people -- we will see how it goes. i agree, this is going to be tough. i know the lack of clarity and resolution is...
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Nov 12, 2012
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later, lindy paull will discuss tax rates and the fiscal cliff. [video clip] >> i enjoyed watching book tv. c-span provides end-to-end coverage of events. c-span is a great way to get an unfiltered view of the day's events. hills watches c- span on comcast. >> 2013 should be the year that we begin to resolve our debt through tax reform and the entire region entitlement reform. i suggest we move through the fiscal cliff together, that this be the year that our government comes to grips with the problems facing us. to new ideas, committed to solving our fiscal challenges, but i refuse to accept any approach that is not balanced. i will not be asking students, seniors, and middle-class families to pay down the entire deficit but people like me, being paid $250,000, are not asked to pay one dime more in taxes. >> work is expected on the impending fiscal cliff in this typically referred to as a lame duck session, with planned cuts spending, also known as sequestration. follow all of the debates and tuesday, with live house coverage. >> "washington jour
later, lindy paull will discuss tax rates and the fiscal cliff. [video clip] >> i enjoyed watching book tv. c-span provides end-to-end coverage of events. c-span is a great way to get an unfiltered view of the day's events. hills watches c- span on comcast. >> 2013 should be the year that we begin to resolve our debt through tax reform and the entire region entitlement reform. i suggest we move through the fiscal cliff together, that this be the year that our government comes to...
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Dec 5, 2012
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as you think about the fiscal cliff and what is coming, one of the few places you can see people responding to it is in their behavior around capital gains and dividends. companies are moving up to how, shareholders take a vintage of a lower rate. i expect you will see more investors realize lower capital gains in order to get lower rates. there is clearly money there. there is clearly money that has interesting, distributional characteristics. that tends to be money that comes from higher income folks. as you think about the political process trying to structure when a package with a revenue goal and a distribution goal, my prediction is you will see at least some of those increases occur. i personally would be surprised if the dividend rate went back up to ordinary rates. the senate would allow it to stay at the capital gains rate, and go it to 15% to 20%. the president initially proposed cutting dividends they the same as capital gains. -- proposed letting dividends stay the same as capital gains. my guess would be that that is where we end up. >> what would you say is best? should the d
as you think about the fiscal cliff and what is coming, one of the few places you can see people responding to it is in their behavior around capital gains and dividends. companies are moving up to how, shareholders take a vintage of a lower rate. i expect you will see more investors realize lower capital gains in order to get lower rates. there is clearly money there. there is clearly money that has interesting, distributional characteristics. that tends to be money that comes from higher...
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Jun 10, 2012
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i hope we have reached the point where the fiscal cliff helps us to make a long-term difference to our communities and economies. thank you. >> thank you. >> thank you, mr. chairman. and i would like to have mr. van hollen's chart back on the screen. this chart is interesting. there are two factors i think in play here that were not discussed. number one, in 2001, we had the with therror stbegin attacks on 9/11. that fact was left out. in 2007, with a political change that occurred when the other party assumed control of congress, you see the huge increases in spending that occurred and the impact on the economy with the changes in regulatory environment. doctor, when the stimulus bill was passed, it was widely believed that unemployment would go down because of that stimulus program. here we are 3.5 years later and we have had about 40 months of employment higher than 8%. the other side of the aisle is proposing to continue to spend -- to have another round of stimulus. they change the name to investment. they say that will bemy questio. can you explain it by the stimulus did not achi
i hope we have reached the point where the fiscal cliff helps us to make a long-term difference to our communities and economies. thank you. >> thank you. >> thank you, mr. chairman. and i would like to have mr. van hollen's chart back on the screen. this chart is interesting. there are two factors i think in play here that were not discussed. number one, in 2001, we had the with therror stbegin attacks on 9/11. that fact was left out. in 2007, with a political change that occurred...
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Nov 20, 2012
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what are three revenue-raising provisions that a pledge synar can vote for in a fiscal cliff resolution? >> sure, the top tax shrimp -- marginal rate from 35 down to 25 you would have great supply-side effects. european average is 25. we are at 35. the canadians are at 17. the and hemorrhaging cash. they are doing that. lower marginal tax -- tax rates, lower capital gains. obama taking the best tax up to 55% after a million dollars -- death tax up. you do not have to be rich to find a house increasing the value, the money saved up in a 401k. supply-side tax deduction account. selling assets -- you talk about the defense department's sitting on a whole bunch of spectrum that it bought at to make available. a lot of assets you can sell. there is land you consult. a whole bunch of oil and the ground if obama gets out of the way of drilling on federal land rather than making it difficult. drilling for oil and natural gas on federal land has declined under obama. he says, look at all of this new drilling and natural gas. on private land where you cannot stop it yet. that is true. but taking
what are three revenue-raising provisions that a pledge synar can vote for in a fiscal cliff resolution? >> sure, the top tax shrimp -- marginal rate from 35 down to 25 you would have great supply-side effects. european average is 25. we are at 35. the canadians are at 17. the and hemorrhaging cash. they are doing that. lower marginal tax -- tax rates, lower capital gains. obama taking the best tax up to 55% after a million dollars -- death tax up. you do not have to be rich to find a...
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Aug 12, 2012
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what they talked about in terms of the differences and administration views the fiscal cliff and other issues. [video clip] >> i am not talking about you personally, but the administration. you are showing us a budget that will raise tax rates. >> when you propose a budget -- >> here is what you have to do if you are going to get enough revenues to do this in a fair way. >> what we propose to do is modestly increase the effective tax rate on the top 2%. >> it goes to 44% on individuals. >> first of all, let's assume for the sake of argument that i am right. this has been checked 1 million times. the point is, you are raising marginal tax rates. nine out of 10 people in wisconsin -- businesses in wisconsin file as individuals. >> you are right, it will raise taxes on the 2%. >> of these kinds of things you say, you're not putting in the budget. this is the for the budget. -- fourth budget. >> a healthy debate between the treasury secretary and the budget committee chair, paul ryan. you can see many more appearances on our c-span at the library at c-span.org. we will continue to take you
what they talked about in terms of the differences and administration views the fiscal cliff and other issues. [video clip] >> i am not talking about you personally, but the administration. you are showing us a budget that will raise tax rates. >> when you propose a budget -- >> here is what you have to do if you are going to get enough revenues to do this in a fair way. >> what we propose to do is modestly increase the effective tax rate on the top 2%. >> it goes...
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cliff that would come from increasing tax rates. according to ernst and young, raising the top rates would destroy nearly 700,000 jobs in our country. the members of our majority understand how important it is to avert the fiscal cliff. that is why the house took action earlier this year, to replace the sequester with other types of cuts, and is also why of the summer we passed a bill to extend all of the current tax rates. for one year so we had time to overhaul our tax code. and that is why i outlined the responsible path forward, where we can replace the spending cuts and extend the current rates, paving the way for entitlement reform, as well as tax reform with lower rates. at 2013 should be the year that we begin to solve our debt through tax reform and entitlement reform. i am proposing that we avert the fiscal cliff together in a manner that ensures that 2013 is finally the year that our government comes to grips with the major problems that are facing us. we will bring jobs home that result in a stronger, healthier economy,
cliff that would come from increasing tax rates. according to ernst and young, raising the top rates would destroy nearly 700,000 jobs in our country. the members of our majority understand how important it is to avert the fiscal cliff. that is why the house took action earlier this year, to replace the sequester with other types of cuts, and is also why of the summer we passed a bill to extend all of the current tax rates. for one year so we had time to overhaul our tax code. and that is why i...
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Nov 28, 2012
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and the fiscal cliff. the duty is, we do have a lot of common ground. we all believe we should extend the tax cuts for 98% of americans and 97% of small businesses. we should be building on that common ground not arguing over semantics. mr. yarmuth: i'm confident there are more republicans like congressman tom cole who have come to the real sargse that ewe can and must provide security for middle class families immediately. as my democratic colleagues and i have been say, that's easy. we should pass the senate bill to extend the current tax rates for middle class and small businesses. too often in washington we confuse principles and policies. certainly the difference between asking the wealthy by raising their tax rate and cutting out tax breaks can't be too different. i urge my colleagues to bring the senate bill to the floor for a vote. the speaker pro tempore: for what purpose does the gentleman seek recognition? >> i ask permission to address the house to address the house for one minute. the speaker
and the fiscal cliff. the duty is, we do have a lot of common ground. we all believe we should extend the tax cuts for 98% of americans and 97% of small businesses. we should be building on that common ground not arguing over semantics. mr. yarmuth: i'm confident there are more republicans like congressman tom cole who have come to the real sargse that ewe can and must provide security for middle class families immediately. as my democratic colleagues and i have been say, that's easy. we should...
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Oct 20, 2012
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i think in the short term, you can certainly get the fiscal cliff, i have described the fiscal cliff as sort of pikes peek in front of us, we didn't get the tax rates dealt with. we had 60 tax codes expired at the end of 2011. there are 40 or more scheduled to go next year. we don't really have a tax code in the country to speak of. it's all in pieces and expiring. you need some certainty. you're trying to file a 2012 tax return, you don't know if the provisions that expired in 2011 are going to be there. do you file and file amended returns? the congress has got to do its job there. the sequestration isn't going to work. you have to give the 2012-2013 budget some clarity. the secretary of defense has made it very clear that you can't have the defense department sequestration without having a negative impact on national security. i would throw in the deal with the dent ceiling, although some have suggested even that's too much for a lame duck effort, but i would say those are minimal. i don't think they can do big comprehensive tax reform by the end of the year. i certainly don't thi
i think in the short term, you can certainly get the fiscal cliff, i have described the fiscal cliff as sort of pikes peek in front of us, we didn't get the tax rates dealt with. we had 60 tax codes expired at the end of 2011. there are 40 or more scheduled to go next year. we don't really have a tax code in the country to speak of. it's all in pieces and expiring. you need some certainty. you're trying to file a 2012 tax return, you don't know if the provisions that expired in 2011 are going...
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Dec 3, 2012
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if we go off the fiscal cliff and congress doesn't take any action to soften the blow, tax rates will go up quite a lot on dividends, from 15% to more than 40% in most circumstances. there are economists who think that will have a big impact on stock markets and they could go down 10%, maybe 20%. i do not think those effects are as strong as some economists believe. i think it is something the market could get over. you're in a long term tax and vanished savings situation. i think you are basically going to be fine unless you're planning on retiring release soon. i do think that is something you have to keep in mind. diversification out of the assets that are most affected by these kinds of taxes is probably never a bad idea. host: john mckinnon is a reporter for "the wall street journal." he is now in the washington bureau. he was a columnist for "the miami herald." what sectors would be hit harder if deductions and loopholes or taken out of the tax code? guest: the stocks that pay a high dividend. these tend to be utility stocks. there are lots of old, established, u.s. industrial f
if we go off the fiscal cliff and congress doesn't take any action to soften the blow, tax rates will go up quite a lot on dividends, from 15% to more than 40% in most circumstances. there are economists who think that will have a big impact on stock markets and they could go down 10%, maybe 20%. i do not think those effects are as strong as some economists believe. i think it is something the market could get over. you're in a long term tax and vanished savings situation. i think you are...
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Nov 29, 2012
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one of the thorniest elements of the so-called fiscal cliff. host: that's the lead story this morning in the "wall street journal." marisa is a democrat in montana. marisa, good morning to you. the g.o.p. says address the spending problem. what do you think? caller: oh, thank you so much for taking my call. i'm so grateful and so grateful for c-span. let's never forget the dark days of the bush administration when dan rather got fired and no one would talk about anything. this open dialogue, which does lead to solution of problems. i'm so grateful, thank you c-span. i would like to say that i can remember at the very beginning of the bush administration when those democratic congressmen got up and said if we do this we're going to have these dire financial problems. sure enough we did. and then it's the bush's administration lack of leadership that has brought us into all these gigantic problems like the b.p. oil spill, due to lack of oversight. so thank you so much, we can solve our problems, there is such a thing as a possiblist, possibility,
one of the thorniest elements of the so-called fiscal cliff. host: that's the lead story this morning in the "wall street journal." marisa is a democrat in montana. marisa, good morning to you. the g.o.p. says address the spending problem. what do you think? caller: oh, thank you so much for taking my call. i'm so grateful and so grateful for c-span. let's never forget the dark days of the bush administration when dan rather got fired and no one would talk about anything. this open...
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Dec 22, 2012
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the house has already passed bills addressing the fiscal cliff. we passed a bill replacing the president's sequestered with irresponsible spending cuts. we did that last may. we passed a bill to stop all the tax hikes on the american people scheduled to take effect january 1, and we did that august 1. and we proposed plans over and over again that democrats used to support but now will not. i do not want taxes to go up, republican do not want texas to go up. but we only when the house. democrats continued to run washington. what the president has proposed so far simply will not do anything to solve our spending problems. he wants more spending and more tax hikes that will hurt our economy. and he simply will not deal honestly with entitlement reform and the big issues facing our country. we need significant spending cuts and real tax reform to address our long-term debt problem and pave the way for long-term growth and real growth in jobs in our country. we will continue to work with colleagues in the house and senate on a plan that protect famili
the house has already passed bills addressing the fiscal cliff. we passed a bill replacing the president's sequestered with irresponsible spending cuts. we did that last may. we passed a bill to stop all the tax hikes on the american people scheduled to take effect january 1, and we did that august 1. and we proposed plans over and over again that democrats used to support but now will not. i do not want taxes to go up, republican do not want texas to go up. but we only when the house....
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i think the election, a combination of the election and, more importantly, the fiscal cliff where the rate goes up next is more possible than it would be a year ago. >> if republicans do well, doesn't make sense that sticking with their argument would work better for them? >> i don't think they will do that well. second, even if they should do well, the basic math will still be there. they will have to abandon one of three points of the stool. it is mathematically impossible. there will have to abandon keeping taxes -- preventing tax increases in the middle class. i don't think they want to do that or they will have to abandon lowering the rates on the wealthy or deficit-reduction proposal i think if they are in charge, they will not want to have lack of deficit-reduction on their shoulders. >> you said 15% is too low for capital gains. you said 29% is too high. where would you put it? >> it's not my purpose here to puttogether the specific details of a plan. it is to lay out a path. i've laid out the path where i think it ought to be. >> if the republicans don't agree to some sort of
i think the election, a combination of the election and, more importantly, the fiscal cliff where the rate goes up next is more possible than it would be a year ago. >> if republicans do well, doesn't make sense that sticking with their argument would work better for them? >> i don't think they will do that well. second, even if they should do well, the basic math will still be there. they will have to abandon one of three points of the stool. it is mathematically impossible. there...
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Nov 19, 2012
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you know, i noit there are some even at my party who were trying to second that fiscal cliff. so on the -- the media questions, we want to extend them for moat people. what we also want to do is tax reform. it produced lower rates even for the wealthiest. the president called for. by making the tax clothes simple, and there's a certain anlt of revenue that will put us on the right fiscal pass. there's the number. that you know, any bowles, simson any of the fiscal efforts should not be in there. we want to enghage comprehensive back story. medicare, medicaid. these are cheap coverage. there's other spending we have to cut. and so i think where the big bottle next right nowl is the big -- and do some tough things. you know, the notion that somehow that these deficits are not a threat to our national security on our economic future is something i could not disagree with more strongly. there are some -- maybe not so much in our party but we have to deal with this. think about this by the way the debt ceiling. i happen to believe,i'm not an economic in traying. we have to understa
you know, i noit there are some even at my party who were trying to second that fiscal cliff. so on the -- the media questions, we want to extend them for moat people. what we also want to do is tax reform. it produced lower rates even for the wealthiest. the president called for. by making the tax clothes simple, and there's a certain anlt of revenue that will put us on the right fiscal pass. there's the number. that you know, any bowles, simson any of the fiscal efforts should not be in...
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Dec 7, 2012
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if the fiscal cliff debate is only limited to tax rates and deficit reduction, and not the debt ceiling, this will come up again. president obama once the debt ceiling to be part of this agreement. the reason why is simple, because that is where republicans have leverage in february. he needs republicans to extend the debt ceiling for the government to function with all going into default. republicans know this, and in theory they could separate the two to maximize their leverage. host: time for a couple more calls in this segment of the "washington journal," we will continue the unemployment insurance discussion in the following segment. laura is in louisville, kentucky, on the independent line. caller: good morning. what bothers me is when people say they actually can not find work and they have been on unemployment for 20 months, whatever they can get, and i will tell you my husband lost his job five years ago. he was with a company for 23 years. immediately we went into survival mode. we thought about what we could do to reduce bills, simplify our lifestyle in case he could not find
if the fiscal cliff debate is only limited to tax rates and deficit reduction, and not the debt ceiling, this will come up again. president obama once the debt ceiling to be part of this agreement. the reason why is simple, because that is where republicans have leverage in february. he needs republicans to extend the debt ceiling for the government to function with all going into default. republicans know this, and in theory they could separate the two to maximize their leverage. host: time...
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Oct 5, 2012
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i think the other thing is that this fiscal cliff, and i know we will be talking about it, it dominates the news, i do not know how we avoid it, but i think it is conscionable that the markets will start to react -- possible the the markets will react if we start to see sequestration, the bush tax cuts, the debt limit, all of these things that go to make up the fiscal cliff, i think there is a realization about the damage it could do to america's economy. it may force section on the part of the congress and the president -- force action on the part of the congress and the president. this is the most clear campaign i have observed. i still believe there is going to be a strong motivation of us, for a variety of motivations, maybe not all good or all bad, to try to resolve this issue for the sake of the country. maybe i am digging for the pony, but i believe that that has got to happen. there is ample pressure. i will say that this majority leader acted in a very bipartisan fashion quite often, and quite often in a partisan fashion, but there is precedent for it, all the way back to ronal
i think the other thing is that this fiscal cliff, and i know we will be talking about it, it dominates the news, i do not know how we avoid it, but i think it is conscionable that the markets will start to react -- possible the the markets will react if we start to see sequestration, the bush tax cuts, the debt limit, all of these things that go to make up the fiscal cliff, i think there is a realization about the damage it could do to america's economy. it may force section on the part of the...
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Dec 15, 2012
12/12
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what is it drives home to me is that when we're talking about these fiscal cliff discussions, if the rates are simply raised, especially on the more well-to- do people, they can afford to hire smart people like this gentleman to figure out deductions and ways that they do not have to pay those rates. it seems to me that simply increasing the rates on wealthy people and thinking that is going to raise money seems to be a false promise. i think the approach of reducing deductions will wind up generating more money. guest: i think you could be absolutely right about that. there are lots of ways that we have tax breaks. deductions are not really the biggie. the big one is exclusions, things that we get that are not taxed in the first place. employer-provided health insurance is the huge one. right now, our employers pay $20,000 for health insurance for us and we are not taxed for that. this is the kind of thing they are looking at. if you look at the erskine bowles commission report, it is unbelievable, the revenue raisers that there in that report. it will raise a lot of money and close
what is it drives home to me is that when we're talking about these fiscal cliff discussions, if the rates are simply raised, especially on the more well-to- do people, they can afford to hire smart people like this gentleman to figure out deductions and ways that they do not have to pay those rates. it seems to me that simply increasing the rates on wealthy people and thinking that is going to raise money seems to be a false promise. i think the approach of reducing deductions will wind up...
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Dec 27, 2012
12/12
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on the fiscal cliff, how does that affect people that are selling? guest: the capital gains tax rate will be rising to 20%. there is an exemption. the first half million dollars will not qualify as additional capital gains. for most homeowners, if we have fiscal cliff, the selling of the home, there will not be a cowboy gains taxes associated with it. that would fall under the exemption of half a million dollars for most families. host: we have a tweet from boringfileclerk. guest: enlarge tax increase and large number of middle class families and there will be -- they will be hesitant to buy a home. s stillre subprmime loan being marketed? guest: for a subsection of the population, perhaps it is -- say a young couple, one is a medical doctor and one is a lawyer, graduated with high debt. people can see to have high income potential. in mortgage that does not qualify as standard may be for this family. the subprime loan began to give out to anybody. heartbeat.h a card that was a mistake. the subprime mortgage originators suffered greatly. they suffere
on the fiscal cliff, how does that affect people that are selling? guest: the capital gains tax rate will be rising to 20%. there is an exemption. the first half million dollars will not qualify as additional capital gains. for most homeowners, if we have fiscal cliff, the selling of the home, there will not be a cowboy gains taxes associated with it. that would fall under the exemption of half a million dollars for most families. host: we have a tweet from boringfileclerk. guest: enlarge tax...
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Nov 22, 2012
11/12
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clearly, when you look at the fiscal condition, the consequences of going over the fiscal cliff -- republicans are going to have to abrogate that pledge. it is not conservatism bound to 35% tax rate. that is not one of the immutable principles of american conservatism. we want taxes to be as low as they can possibly be while running a government that is not bankrupt and in structural deficit for as far as the eye can see. you will have to see republican leaders step up here and meet the president's somewhere in the middle on this to get the country's fiscal path on a path to solvency so we can start to have economic growth again in the country. >> do you want to comment a little bit about what you expect from the next six weeks? not even six weeks? however many weeks it is now between -- between now and the start of this booklet. working in the white house limits what you can say, but how you see his plan at between now and january? >> steve is exactly right, all the you are seeing a very concerted members of the house dig in on a no revenues. it is good to see many republicans saying yes. i c
clearly, when you look at the fiscal condition, the consequences of going over the fiscal cliff -- republicans are going to have to abrogate that pledge. it is not conservatism bound to 35% tax rate. that is not one of the immutable principles of american conservatism. we want taxes to be as low as they can possibly be while running a government that is not bankrupt and in structural deficit for as far as the eye can see. you will have to see republican leaders step up here and meet the...
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Aug 20, 2012
08/12
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governor dean said that we need this fiscal cliff. it is a whole separate issue. >> it is now 6:36, we were going to finish at 6:30. i would like to go to 6:45, is that ok with you? let's take a couple of questions. led the have a question from here and perhaps a question from back there? if that is ok with the panel. >> you just brought up part of my question. we have been talking about this cliff but what happens if congress does not do anything? what if we do not try to shut it off of a cliff? what is the worst in happens if -- stays levels days wettes where it is. >> if congress does nothing, you go off the cliff. >> if congress does just enough to not go off a cliff, but not enough to slash it down -- >> let's take another question. i have a health insurance customers. it frustrates me when i see -- i do not think business has taken the opportunity under the affordable care at, and states to do not want to put up these insurance exchanges, it would seem to me that business has missed a great opportunity to say, we want to be out
governor dean said that we need this fiscal cliff. it is a whole separate issue. >> it is now 6:36, we were going to finish at 6:30. i would like to go to 6:45, is that ok with you? let's take a couple of questions. led the have a question from here and perhaps a question from back there? if that is ok with the panel. >> you just brought up part of my question. we have been talking about this cliff but what happens if congress does not do anything? what if we do not try to shut it...
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Dec 14, 2012
12/12
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the only thing that i would add is what makes this so critical in the fiscal cliff discussion is that we are talking about the patch for the 2012 taxable year, unlike the rest of the fiscal cliff which effects rates thatthe patch applies for returns we file early next year. if there is no congressional action, there is an abrupt increase in tax on the 2012 taxable year. in 2011, approximately 4 million people paid the amt. if there is not a patch, 30 million people will be required to pay the amt in 2012, and they will pay an additional $90 billion in tax. very few of them have any idea this is on the table. host: is the irs prepared? guest: the irs is fairly unusual, but in a correct position, that congress will do the responsible thing -- they took the position that congress they assumed congress will enact a package before the end of the year, and i think that was the reasonable thing to do because i believe they will do that. however, it does mean if there is not a patch of the tax return filing season next year will be quite chaotic. >> you can find the entire interview online. e
the only thing that i would add is what makes this so critical in the fiscal cliff discussion is that we are talking about the patch for the 2012 taxable year, unlike the rest of the fiscal cliff which effects rates thatthe patch applies for returns we file early next year. if there is no congressional action, there is an abrupt increase in tax on the 2012 taxable year. in 2011, approximately 4 million people paid the amt. if there is not a patch, 30 million people will be required to pay the...
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Nov 8, 2012
11/12
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john boehner seemed more open to the idea of allowing more revenue, the rate increases on fiscal cliff issue. i think the president, and i know his left wing, is certainly holding him to the pledge on the campaign trail that he will let the proper rate expire at the end of the year and intends to hold his own in arguing for that. host: margaret talev, that brings up the mandate question. does he say what george w. bush said, i have political capital and i intend to spend it? guest: if you have it, use it, or what other people say it for you. right now, president obama's game is not to come out of the box, acting takeda, and give republicans -- acting cocky and giving republicans an idea -- a reason to want to stick it to him. he is saying let's get this done. that is what he is serious about, there is no reason to set yourself up as having more leverage than you do. host: margaret talev, and the go to this headline in bloomberg. what does he do on his health care law, if anything? guest: so, it really is a little bit of the congress, and this will play out in fiscal cliff and debt redu
john boehner seemed more open to the idea of allowing more revenue, the rate increases on fiscal cliff issue. i think the president, and i know his left wing, is certainly holding him to the pledge on the campaign trail that he will let the proper rate expire at the end of the year and intends to hold his own in arguing for that. host: margaret talev, that brings up the mandate question. does he say what george w. bush said, i have political capital and i intend to spend it? guest: if you have...